Stocks finished mixed Friday. The Dow gained 123 points to 25413 while the S&P 500 added 6 points to 2736. The Nasdaq Composite lost 11 points to 7247.
The Dow and S&P 500 reversed early session losses after President Trump struck an optimistic tone regarding trade relations between the U.S. and China. The tech-heavy Nasdaq meanwhile declined, unable to overcome weakness in chipmakers. On the data front, industrial production increased 0.1% in October, below projections of 0.2% amid declines in mining and utilities outputs. An additional update showed U.S. factory production expanded for the fifth straight month in October, the longest streak since 2011.
Seven of 11 S&P 500 sectors ended in positive territory. Utilities outperformed with PG&E Corp surging 37.5% to $24.40 after a California regulator stated the government won’t let the utility go bankrupt. The Consumer Discretionary sector lagged as Nordstrom fell 13.7% to $50.93 after the retailer announced a one-time charge-off totaling $72 million. In other earnings news, NVIDIA tumbled 18.8% to $164.43 after the chipmaker missed revenue projections and lowered its forward guidance.
Breadth was positive on issues by 4:3 on the NYSE and negative on issues by 8:7 on the Nasdaq. Composite NYSE volume was more than 3.9 billion shares.
Treasuries strengthened with the yield on the benchmark 10-year note down four basis points to 3.07%. In commodities, WTI crude added 0.6% to $56.77/barrel. COMEX gold advanced 0.6% to $1,222.30/ounce amid a weaker dollar.
For the week, the Dow fell 2.2% while the S&P 500 lost 1.6%. The Nasdaq declined 2.2%.